Followers | 10 |
Posts | 919 |
Boards Moderated | 0 |
Alias Born | 03/24/2015 |
Monday, February 12, 2024 6:47:15 PM
$0.6 million in Adjusted EBITDA1, the fourth consecutive quarter with positive Adjusted EBITDA
Gross Margins improved by 360 basis points to 29% with battery systems exceeding 30%
Reaffirmed Fiscal 2024 Guidance of $65 to 75 million underpinned by increasing order backlog and an updated Three Year Strategic Supply Agreement with two of the largest OEMs in the Material Handling sector
TORONTO, ON / ACCESSWIRE / February 12, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (Nasdaq:ELVA),(TSX: ELVA), a leading lithium-ion battery technology and manufacturing company, today reported its financial results for the first quarter fiscal year ended September 30, 2024 ("Q1 FY2024"). All dollar amounts are in U.S. dollars unless otherwise noted.
"Q1 FY2024 represented a good start for the fiscal year for the Company with strong revenue growth, improved margins and our fourth consecutive positive EBITDA1 result," said Dr. Raj DasGupta, Electrovya's CEO. Given the strength of the backlog and the current line of sight for other orders, we are reaffirming guidance of between $65 million and $75 million revenue for FY 2024."
"We continue our long term planning with respect to increasing the adoption of our Infinity Battery Technology into new verticals from 2025 and are making good progress including in the electric bus, construction and mining vehicles as well as energy storage applications. While not having meaningful revenue in 2024, these new vertices will help support our vision to become the leading battery player for heavy duty applications that require longer lasting and safer batteries."
John Gibson, Electrovaya's CFO commented, "Q1 FY2024 was by far our strongest first quarter in recent history. The Company is making progress in reaching a new debt facility with increased working capital availability, which is going to support further revenue growth in the quarters ahead. In parallel, good progress is also being made with our project financing goals to support our Jamestown New York gigafactory build out."
Recent ELVA News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/14/2024 03:51:04 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/14/2024 12:13:20 PM
- Major Trading Company Subsidiary Signs Battery Supply Deal • AllPennyStocks.com • 04/29/2024 05:45:00 PM
- Electrovaya Announces Potential Delay In Filing Year-End Reporting Documents • PR Newswire (Canada) • 12/22/2023 10:05:00 PM
- Gabelli Funds 47th Annual Auto Symposium October 30th and October 31st • GlobeNewswire Inc. • 10/17/2023 12:00:00 PM
- Gabelli Funds to Host 47th Annual Automotive Symposium at The Encore at Wynn, Las Vegas, Nevada • GlobeNewswire Inc. • 09/11/2023 12:00:00 PM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM
VPR Brands (VPRB) Reports First Quarter 2024 Financial Results • VPRB • May 17, 2024 8:04 AM